Inheritance Tax Planning
Secure Your Legacy with Expert Inheritance Planning
Inheritance Tax (IHT) affects the assets that you leave behind for your loved ones. Planning around IHT is crucial to protecting those assets, and this is where we at The Will Shop are here to help. Through minimising your tax liabilities and ensuring your beneficiaries receive the maximum possible inheritance.
Key Strategies for Inheritance Planning
Inheritance tax planning can be difficult to navigate. However, we are here to help you effectively navigate it through 3 main strategies that would help reduce or eliminate your tax burden:
Lifetime Gifts: One avenue you can go down is making gifts throughout your lifetime. Through gifting within HRMC allowances, you can pass on your assets to your loved ones tax-free.
Trusts: Trusts are a common and stable way to control how and when your assets are distributed while protecting those assets from unnecessary tax liabilities. Overall, helping reduce IHT and helps future generations with financial security.
Exemptions: Exemptions are another common tool that can help reduce your inheritance tax bill, with the two main ones being:
- Spousal Exemption: Transfers between spouses and civil partners are exempt from IHT.
- Charity Exemption: Gifts to charities are tax-free and can also reduce the overall rate of IHT on your estate.
Benefits of Planning Ahead
As with most aspects of life, planning ahead is crucial to gaining certain benefits, and that is no different with IHT planning, with the main benefits being:
- Minimises tax liability – So that your beneficiaries can receive more of your estate.
- Provides financial security – A well-structured plan can help protect your assets for your family in case anything unexpected occurs.
- Prepares for the future – Through the planning, you keep full control over how your assets are distributed without outside interference.
Why Choose The Will Shop?
When it comes to what we at the Will Shop bring to the table to help you with IHT planning, we provide four key benefits to your planning:
Specialist Expertise – A dedicated focus on wills, trusts, and inheritance tax planning, with our team of specialists gaining qualifications and keeping up to date with changes to help your planning.
Cost-Effective Solutions – We ensure that we keep transparent pricing with no hidden fees, so you have peace of mind when working with us.
Personalised Service – Face-to-face consultations tailored to your needs.
Proven Track Record – We have a long list of previous clients who have trusted us for reliable and effective inheritance tax planning.
Get in Touch
Ensure you are at the forefront of planning so that inheritance tax does not affect your loved ones. Contact our team of experts here at The Will Shop today so we can help you protect your or your loved ones’ assets.
Frequently Asked Questions
What is the current inheritance tax threshold?
The standard IHT threshold is £325,000. However, additional allowances, such as the residence nil-rate band, may apply in certain circumstances.
How can trusts help reduce inheritance tax?
Trusts allow you to remove assets from your estate while maintaining control over how they are distributed, potentially lowering your tax liability.
Do I need to update my inheritance tax plan regularly?
Yes, tax laws and personal circumstances change over time. Regular reviews ensure your plan remains effective and aligned with your wishes, if you are unsure about any changes, do not hesitate to get in touch with us today.